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Managing external account – fiscal policy

Further to my earlier article "Managing the external account - monetary policy", this is the second article of the three-part series of my articles on managing external account. On the…

World Bank needs to revisit its policy and lending focus

In its recently released report ‘Pakistan development update October 2023: restoring fiscal sustainability’ the World Bank (WB), just like the International Monetary Fund (IMF) policy thinking, including as highlighted in…

Reforming the forex policy

When Great Britain ruled British India, policy was made to serve the purpose of London. Objectives were elaborated there, based on the geopolitical/strategic circumstances of the time. Many British laws…

Economic policy needs a hard reset

The present currency crisis in Pakistan is unprecedented. PKR has depreciated against USD from 180 to 305 since March 2022, and now it is a creating a self-feeding bubble. People…

Fixing fiscal policy

Fiscal discipline and effective financial management are the cornerstones of a nation’s economic stability and growth. In Pakistan, however, persistent fiscal mismanagement has been a recurring challenge for both federal…

Need for greater discretionary economic policy

The International Monetary Fund (IMF) has pushed for pro-cyclical, austerity-based policies in its Stand-By Arrangement (SBA) programme with Pakistan in line with its usual bread-and-butter policy prescription generally meted out…

Economic policy by the interim govt

Given Pakistan is facing very difficult economic challenge, mainly in the shape of bringing debt sustainability, on one hand, and on the other controlling inflation, while also providing as much…